Jefferies Group LLC Reiterates Hold Rating for Best Buy Co., Inc. (BBY)
Best Buy Co., Inc. (NYSE:BBY)‘s stock had its “hold” rating reissued by investment analysts at Jefferies Group LLC in a research note issued on Tuesday. They presently have a $60.00 price objective on the technology retailer’s stock. Jefferies Group LLC’s target price points to a potential downside of 3.38% from the stock’s previous close. Jefferies Group also issued estimates for Best Buy Co.’s Q2 2018 earnings at $0.66 EPS, Q3 2018 earnings at $0.62 EPS, Q4 2018 earnings at $2.01 EPS, FY2018 earnings at $3.87 EPS, FY2019 earnings at $4.09 EPS, FY2020 earnings at $4.33 EPS, FY2021 earnings at $4.54 EPS and FY2022 earnings at $4.76 EPS.
BBY has been the topic of a number of other research reports. UBS AG reiterated a “buy” rating and set a $51.00 price objective (up previously from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Bank of America Corporation restated a “buy” rating and issued a $68.00 price target (up previously from $58.00) on shares of Best Buy Co. in a research report on Sunday, May 28th. ValuEngine lowered shares of Best Buy Co. from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. Loop Capital raised shares of Best Buy Co. from a “sell” rating to a “hold” rating and decreased their price objective for the stock from $37.00 to $35.00 in a research note on Monday, May 15th. Finally, Wedbush reaffirmed an “underperform” rating and issued a $29.00 price objective on shares of Best Buy Co. in a research note on Monday, May 22nd. Four analysts have rated the stock with a sell rating, three have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $56.76.
Best Buy Co. (NYSE:BBY) opened at 62.10 on Tuesday. Best Buy Co. has a one year low of $36.51 and a one year high of $62.36. The firm has a market capitalization of $18.94 billion, a price-to-earnings ratio of 16.71 and a beta of 1.45. The stock has a 50 day moving average price of $57.96 and a 200-day moving average price of $52.31. Best Buy Co. also was the recipient of unusually large options trading activity on Monday. Stock investors purchased 993 call options on the company. This is an increase of approximately 163% compared to the average volume of 378 call options.
Best Buy Co. (NYSE:BBY) last issued its earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.20. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The firm had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.28 billion. During the same quarter last year, the company posted $0.44 earnings per share. Best Buy Co.’s revenue was up 1.0% on a year-over-year basis. On average, analysts predict that Best Buy Co. will post $3.90 earnings per share for the current fiscal year.
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In related news, General Counsel Keith J. Nelsen sold 55,153 shares of Best Buy Co. stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total transaction of $3,254,578.53. Following the sale, the general counsel now directly owns 89,306 shares in the company, valued at approximately $5,269,947.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Shari L. Ballard sold 2,246 shares of Best Buy Co. stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,619 shares of company stock worth $8,294,058. 0.84% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of BBY. Toronto Dominion Bank increased its position in shares of Best Buy Co. by 344.4% in the second quarter. Toronto Dominion Bank now owns 90,090 shares of the technology retailer’s stock worth $5,164,000 after buying an additional 69,819 shares during the period. Public Employees Retirement System of Ohio raised its stake in Best Buy Co. by 13.2% in the second quarter. Public Employees Retirement System of Ohio now owns 144,978 shares of the technology retailer’s stock valued at $8,312,000 after buying an additional 16,858 shares in the last quarter. Nomura Holdings Inc. bought a new stake in Best Buy Co. during the second quarter valued at $1,164,000. 361 Capital LLC raised its stake in Best Buy Co. by 16.4% in the second quarter. 361 Capital LLC now owns 200,664 shares of the technology retailer’s stock valued at $11,504,000 after buying an additional 28,261 shares in the last quarter. Finally, Gyroscope Capital Management Group LLC bought a new stake in Best Buy Co. during the second quarter valued at $5,651,000. Institutional investors and hedge funds own 92.46% of the company’s stock.
Best Buy Co. Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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